Stock Name: Cambridge
Company Name: CAMBRIDGE INDUSTRIAL TRUST
Company Name: CAMBRIDGE INDUSTRIAL TRUST
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 0.78 |
DBS Vickers has downgraded its call on Cambridge Industrial Trust (CREIT) to hold with a target price of $0.78.
CREIT announced that it is proposing to divest Lam Soon Industrial Building (or 63 Hillview Avenue) for $140.8 million. The proposed selling price represents CREIT’s 69.4% stake in the strata share value of the property (97 out of 154 free freehold strata units) and is a 28% premium over the latest valued book value. The exit yield is estimated to be about 2.3%. The buyer is QF Properties Pte Ltd which is a JV set up by Enviro-Hub Holdings (listed on SGX) and BS Capital, a wholly owned company of its chairman Raymond Ng.
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